India is emerging as a global economic power. In this context, discussions on the values, principles, and sustainable business models of the Indian Business System in the modern world are crucial. With this objective, the IIM Ranchi organized a one-day symposium on Saturday, March 22, 2025. Experts shared their views on the topic: “Indian Business System 2025.”
The keynote speakers at the symposium were Shri Nayan Parikh, CEO of Nayan Parikh & Consultancy, Professor Ashish Pandey from IIT Bombay and Associate Professor Kumar Alok from XLRI Jamshedpur, who discussed the Indian Business System and methodologies.
Prof. Deepak Srivastava, Director of IIM Ranchi, emphasized that academic institutions strive to integrate practical knowledge into theoretical curriculum, which requires continuous research. He highlighted the three-dimensional aspects of the Indian Business System - information, operations, and self-knowledge. If followed, it can help individuals become successful entrepreneurs. He further noted that India has a tradition of problem-solving, and the concept of Jugaad (innovative improvisation) has been evolving over time. By adhering to the knowledge, spirituality, and traditional values of the Indian business system, businesses can thrive across generations.
Programme Coordinator Prof. Santosh Prusty pointed out that Indian businesses are still adapting to foreign business models. To develop a strong understanding of business and markets, there is a need to create a structured theoretical framework for business education. He stressed that innovation, subject knowledge, experience, and capital are essential for turning a business into a multinational brand.
Shri Nayan Parikh shared insights on enhancing the Indian business system. He advised new entrepreneurs to build trust and establish personal connections with other businesspeople. He emphasized that to create a successful brand, businesses should uphold principles such as sincerity, excellence, and social service. Instead of solely chasing profits, businesses should adopt a spiritual and service-oriented approach to find satisfaction in achieving their ultimate goals.
Prof. Kumar Alok highlighted the role of religion in business. He explained how, according to Indian philosophy, business has shaped individual and societal identities over time. He pointed out that 85% of startups fail within three years primarily because they focus only on profits. In contrast, traditional Indian business practices emphasize ethical decision-making, mutual support, social service, and trust-building. If modern entrepreneurs incorporate these values, financial success will naturally follow.
Prof. Ashish Pandey discussed how a businessperson's conduct and ethics determine long-term business sustainability. He explained that management is about achieving specific results, whereas business should be about benefiting and satisfying others. He also noted that gender and experience do not create significant differences in business success; rather, success is measured by work execution and management skills. He remarked that today's youth are launching startups to fulfill their ambitions, whereas business should be viewed as a means to fulfill a moral commitment. He emphasized the need for regular business evaluations to ensure long-term sustainability.
The symposium concluded with a panel discussion, where students and faculty members engaged with the experts. Topics such as the global market, business practices, long-term business strategies, and review management were discussed.
